LME Shuts Down Nickel Trading As Prices Go Bananas
In over 145 years the LME has been the exchange for nickel and they have never seen an overnight spike in price like they seen on Monday. The price skyrocketed to over $21a pound and it happened so fast that the LME halted trading and still hasn’t resumed.
According to Reuters the nickel price explosion is directly related to supply issues coming from Russia. This is in large part due to the sanctions placed on the country by the western world.
The LME has also stated that they do not expect trading to resume until March 11th 2022.
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